INVESTMENTS

6 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

Marketable Securities at December 31, 2015 consisted of the following:

Investments classified as Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Corporate Bonds	$	4,004,396	$	-	$	(36,992	)	$	3,967,404

The contractual maturities of the marketable securities are 1-5 years as of December 31, 2015.  The Company accounts for its marketable securities portfolio as available for sale investments.  All securities are recorded as current regardless of contractual maturities. 

        All of the Company’s fair value measurements for cash equivalents and marketable securities are classified within Level 1 because the Company’s cash equivalents and marketable securities are valued using quoted market prices. The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1.   Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2.   Other inputs that are directly or indirectly observable in the marketplace.

Level 3.   Unobservable inputs which are supported by little or no market activity.